Quite a lot: the space between the radiator and the balancer is very tight, and unless you have a small (but powerful) impact wrench, the radiator has to come out. Although not essential, you will be much better off removing the fan before dealing with the radiator. Get the proper wrenches (slim 36mm and 72mm) for dealing with the fan. You'll also need one of those long arm skinny tools to rotate the tensioner in order to take the belt off. Now you are ready to tackle the radiator. Unfortunately, on the 5.0L, the radiator is sandwiched with the evaporator in an "interesting" way, which prompted some members here to to invent new curse words, but don't let that discourage you, because there is an excellent write-up on this forum how to do that.
Finally you are at the balancer. First order of business is to remove the center bolt, which as I said, is best done with an impact wrench. Some brave souls use the starter to "bump" the crank instead. Next step is to acquire a puller to remove the balancer itself. The primitive ones that auto parts stores sell or rent may do the job, but what you really want is the combined puller/installer, with a bearing.
Some "bake" the balancer in an oven to expand and be easier to install. Don't know how safe that trick is on the bonding material that holds the tone ring, so you are on your own here. Apply some RTV to keyway (to prevent oil from seeping through there), and using the installer (follow the instructions on the box) push in the new balancer, Don't be tempted to skip the installer and just use the center bolt to do the job. It will engage only a couple threads and may damage the crank -- which you definitely don't want. The center bolt needs to be properly torqued, so don't use the impact wrench. You will need a torque wrench and something to hold the crank from turning. Forget strap wrenches - they won't hold even 10% of the required torque. Some stick a large screwdriver in the flex plate, but that's crude. My method is to attach a properly shaped steel bar to the balancer (with bolts that go through two of the three threaded holes) and support it on the frame. Now install the serpentine belt, the radiator, the fan with its shroud, and you are done. I skipped a few details, but that's about it. Easy, right?
By the way, I have a lightly used balancer that I don't need and will give you a good deal on. Be aware that it's heavy, so shipping may be pricey. PM me if you want it.